Gold rises as dollar, stocks ease ahead of U.S.-China talks
Gold rises as dollar, stocks ease ahead of U.S.-China talks
Inflows into China's gold reserves top 100 tons in this current spree. Image Carla Gottgens Bloomberg
09 October, 2019, 17:10
Spot gold slipped 0.4% to US$1,498.27 per ounce at 12:38 p.m. (1638 GMT).
Gold prices advanced on Monday as markets braced for US-China trade negotiations during the week with lesser hopes of a breakthrough, following a report that Chinese officials may not be as willing to bend.
The odds of a US rate cut when the Federal Open Markets Committee meets on October 29-30 appeared to increase earlier after producer prices fell by the most in eight months, leaving the annual rate of factory gate inflation at 1.4%, its lowest since 2016.
"There's a possibility the U.S".
The results of the latest USA jobs report supported expectations that the Fed will go ahead with a quarter percentage point rate cut at the end of October, which will spur gold gains. "That's the reason why there's a small flight into safe-haven products", said Phillip Streible, senior commodities strategist at RJO Futures. "We're just stuck in this range".
In a setback for prospects of an orderly Brexit, a British source said that German Chancellor Angela Merkel told Prime Minister Boris Johnson by phone that a deal was "overwhelmingly unlikely" unless Britain left its province of Northern Ireland in Europe's customs union.
These haven assets became desirable after 28 new Chinese firms were blacklisted by Washington ahead of trade talks.
"It's (gold) got a little bit of downside exposure because there are a lot of people reassessing what happened as they had been too bearish on the economic outlook and current conditions, and they're backing away from that", said Jeffrey Christian, managing partner of CPM Group.
Traders were also looking ahead to the minutes of the Federal Reserve's recent policy meeting to know the central bank's outlook about future interest rate cuts.
However, limiting gold's advance, the dollar climbed to a near one-week high on Tuesday, making bullion more expensive for holders of other currencies. By contrast, European investors, who had bought earlier against a backdrop of Brexit concerns and the European Central Bank's negative interest rates, added only 7.7 tons.
December silver, meanwhile, gained 0.9% and finished at $17.70 an ounce, after dipping 0.5% in the last session.
Johnson says Britain will leave without a negotiated settlement if a deal can't be reached by the Brexit deadline of October 31. A Downing Street spokesperson said: "The Prime Minister stated his preference for leaving the European Union with a deal ".
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